Reviewing El Salvador’s Bukele Predictions for 2022: What Went Wrong?

Naive Bukele, President of El Salvador Bitcoin enthusiasts , has developed a series of predictions on the behavior of the Bitcoin and crypto ecosystem over the past year. These include the highest Bitcoin price, the impact of cryptocurrencies on US elections, the issuance of Volcano Bonds, and the construction of Bitcoin City. But he missed the mark on most of them.

Bukele’s Predictions for 2022

El Salvadoran President Nayib Bukele is one of Latin America’s biggest proponents of bitcoin and has made bitcoin legal. He is the person behind adopting it as a currency. His country made a series of predictions about the cryptocurrency world and its movements in 2022. The forecast touched on issues such as Bitcoin pricing, Bitcoin’s impact on politics, and the development of several Salvadoran-specific developments related to Bitcoin.

The first prediction revealed in the tweet of January 1, 2022 was that Bukele calculated the price of Bitcoin to be around $100,000. This was not true as the maximum price at which BTC reached was around $47,500.

In his second prediction for Bukele, he also states that two countries will adopt Bitcoin as legal tender. This also did not become a reality. However, St Kitts and Nevis, as Prime, will make bitcoin he cash (BCH) legal tender by March 2023, “once a safety net is assured for our country and our people.” He announced that he would explore the possibilities. Minister Terrance Drew said on his November 12th:

Another prediction was that Bitcoin “will be a major election issue in this year’s US election.” Bitcoin-related issues have been part of the political and regulatory landscape in the US in 2022, but his FTX demise during this two-month period has thrown this prediction way off too.

El Salvador-specific predictions

The second half of the predictions made by Bukele required further processing of El Salvador-specific issues. The government will fund the construction of Bitcoin City and will also fund the construction of the city itself.

Bukele’s fourth prediction was that construction of Bitcoin City, a city suitable for geothermal Bitcoin mining, would begin last year. However, this did not materialize either, and in one of his final statements on construction on January 9, 2022, Bukele said more geothermal wells would be built to ensure the energy needed to run the city. I explained that I was drilling.

This also has to do with his fifth prediction of his. The forecast explained that volcano bonds will be oversubscribed. However, the volcano bond issuance will not take place in 2022, and Finance Minister Alejandro Zelaya has blamed the postponement of the issuance on the conflict between Russia and Ukraine and the decline in the cryptocurrency market. In September, Paolo Ardoino, his CTO at Bitfinex, also said these bonds would be delayed further as the legislation supporting their issuance was not yet in place

. Held in Miami in April. However, Bukele was unable to show up for the event as El Salvador faced an onslaught of gang violence that began in his March. A response from the government found “cruel and inhumane”. by the United Nations.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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